You've made the decision, it's time to break up with your bank, but are you ready to make the switch? If you're not careful when making the change, you can face steep fees for missed payments, unnecessary money transfers, or overdrafts.
There are plenty of reason to want to leave your bank, from high ATM fees to wanting better customer service. But, many people don't make the switch because they're worried about the work involved. And financial analysts say it takes some effort.
But they say to always make sure you tell your bank ahead of time. Not only can they tell you of any offers that might make you want to stay, but it will give them time to get things ready.
Now the groundwork is ready, and it's time to say goodbye.
According to Jonelle Marte, a financial reporter for The Washington Post, open your new account before you close the old one. This will give you time to set up direct deposit and get your new billing information out.